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Venminder Blog

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Venminder Blog

Dec 31, 1969 by

Steve Greenfield

Steve Greenfield
Steve Greenfield, CMB, is Director of Third Party Risk at Venminder. He's an experienced vendor risk executive with more than 20 years of management experience in the financial services industry. Steve has expertise in the full spectrum of mortgage lending with an emphasis on risk oversight and consumer lending regulatory compliance as well as advising lenders on vendor software integrations to boost operational efficiencies and vendor consolidation opportunities. Steve joined Venminder from loanDepot, LLC where he held the position of Director of Vendor Oversight at their retail division, Mortgage Master. In this position, Steve led the implementation of a Vendor Risk Oversight Program that followed CFPB, OCC Third Party Oversight Requirements and managed the firm's Vendor Oversight Audit function.
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Recent Posts

Fourth Party Oversight and How to Organize the Effort

Apr 25, 2018

Institutions have a lot to consider when assessing third party risk, but if vendor risk management hasn’t followed the process of understanding the inner workings of their third party vendors, [...]

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Regulations

GDPR: Understanding the Impact on Third Party Risk - Part 2

Apr 24, 2018

Last week we released important information about understanding the impact GDPR has on third party risk. I have even more to tell. In this part 2 we’ll look a little deeper into chapters 2-4 and, [...]

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Regulations

GDPR: Understanding the Impact on Third Party Risk - Part 1

Apr 17, 2018

A simple Google search on GDPR requirements and GDPR checklists will result in lots of information and free resources. The sheer amount of information available is dizzying to say the least and [...]

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Regulations

 7 Practical Steps to Tackle GDPR Compliance Via Vendor Management

Apr 10, 2018

The EU (European Union) General Data Protection Regulation (GDPR) is considered timely in the sense that all e-commerce is officially in the sights of cyber criminals. Not a day goes by without a [...]

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Regulations

Fintech, State Regulators and The OCC Fintech Charter

Apr 3, 2018

The term fintech is a broad definition, and I’ve heard that some firms offering software to process a data point for a financial institution, also define themselves as "fintech". In some of these [...]

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Regulations

Facebook, General Data Security Protection (GDPR) and the Case for Stronger Data Protection

Mar 27, 2018

Cambridge Analytica data mined over 50 million subscribed Facebook user's private information. As more details emerge over the questionable activities performed, the fall out continues. 

While we [...]

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Regulations

Third Party Risk Management - How Does the Vendor Perceive It?

Mar 26, 2018

As part of our Venminder Thought Leadership interview series where I speak to experts in-housing finance and vendor service providers, I recently had the opportunity to sit down with Suresh [...]

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Best Practices

Momentum Behind Third Party Risk Oversight & Fintech

Mar 20, 2018

There is a good chance that you are reading this article on a tablet or smart phone. Perhaps, you're reading it even while traveling or waiting for your next meeting.

The fact is that we live, [...]

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Regulations

Beneficial Ownership & Panama Papers Link to Third Party Risk

Mar 13, 2018

The heading of this piece may sound like it was ripped from the pages of the latest James Bond adventure. But with recent data breaches, shell companies, pending new regulations on data privacy [...]

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Regulations

GDPR and The Third Party Risk Management Implications

Mar 6, 2018

Effective May 25, 2018, the General Data Privacy Regulation (GDPR), a European Union (EU) regulation which formally became law in 2016, will bolster data privacy rights for European citizens.

The [...]

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Regulations

First 10 Things a New Vendor Manager at XYZ Mortgage Lender Is To Do

Feb 27, 2018

If you're a new vendor manager, there's a transition period before you're comfortable in your role. We all must start somewhere. So, I've put together a top 10 list of things to do if you're [...]

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Best Practices

6 Things to Watch Out for With Your Mortgage Company’s Vendor Management Software

Feb 20, 2018

We’ve covered the benefits of using a software solution for your vendor management processes. Now, let’s talk about what to look out for and consider when selecting your software at your mortgage [...]

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Due Diligence

Managing Vendor Relationships - The good, bad and the ugly

Feb 13, 2018

If I had to summarize vendor management and boil it down from the many descriptions available, I would use this one word: Relationship.

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Best Practices

Mortgage Subservicer Vendor Oversight Best Practices

Feb 6, 2018

Mortgage subservicers offer a unique challenge to third party risk management. Unlike many fulfilment services engaged in the origination process, a subservicer interacts with the consumer for [...]

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Due Diligence

Top 10 Vendor Management Terms That Every Team Should Know

Jan 30, 2018

So, you’ve mastered the terms Business Continuity Planning (BCP) and Disaster Recovery (DR) and have a good understanding of what is needed to manage a sound vendor management program. 

Below is a [...]

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Best Practices

How to Raise the Vendor Management Bar

Jan 16, 2018

Vendor management maturity levels vary across the company spectrum. As part of our many in-depth consultations with clients and prospects alike, we find that the staffing, expertise and even the [...]

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Outsourcing

Vendor Management 10 Years in the Making

Jan 2, 2018

The maturing landscape of vendor management has been ten years in the making. Take a look at how the third party risk management thought process has changed from 2007 to 2017.

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Best Practices

The Need for Proper Oversight of Closing Agent Vendors

Dec 19, 2017

When reviewing your vendor list at your mortgage company, do you pay close attention to your closing agent vendors? If not, you need to ensure you’re doing proper oversight going forward.

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Due Diligence

The Relationship Between Vendor Oversight and Complaint Management

Dec 5, 2017

Complaint management plays a vital part in delivering a great customer service experience. But when it comes to vendor oversight, the initial complaint issue can have a lasting perception of the [...]

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Due Diligence

Varying Levels of Expertise in Vendor Oversight

Nov 21, 2017

If an organization isn’t truly onboard with vendor management, they allocate team members that lack vendor management experience. Unfortunately, this is not surprising. So, there are a variety of [...]

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Risk Assessment

10 Best Practices for Lead Generation Vendor Oversight

Nov 7, 2017

Many states require lead generators to hold a mortgage broker license in some shape or form on the NMLS (Nationwide Multistate Licensing System/Nationwide Mortgage Licensing System and Registry). [...]

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Due Diligence

How Vendor Management Software Helps Your Mortgage Inst.

Oct 24, 2017

Software, that is not only well-designed but created by experienced vendor risk management professionals, will help you streamline your operation. 

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Outsourcing

Prove It or Lose It! Update Your Vendor Management Policies and Procedures

Oct 10, 2017

If like me, you have had the opportunity to be examined by a regulator and survived, you’ll recognize the need to supply a copy of your vendor management policy and procedure documentation. The [...]

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Examination Preparation

There's Still Time to Achieve Your 2017 Vendor Management Goals

Sep 26, 2017

If the thought of planning in January for your 2017 vendor management goals feels like a distant memory, you’re probably not on your own. Like any news year's resolution, the initial goal is new [...]

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Best Practices

Mortgage Companies: Know Your Vendor's Leadership - It Affects Culture and Compliance

Sep 12, 2017

If you're an established financial institution, you're probably using third party vendors to fulfill several functions to gain efficiencies and market advantages. After the contract has been [...]

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Best Practices

Equifax Breach Proves Importance of Cybersecurity & Vendor Oversight

Sep 8, 2017

On September 7th at around 4 pm, reports came out in the media that one of the three national credit reporting agencies – Equifax – had disclosed a large data breach. Estimates so far is that it [...]

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Cybersecurity

3 Reasons Your Mortgage Co Should Replace Excel with Vendor Management Software

Aug 29, 2017

Vendor Management has become an art, a science and has metamorphized into a discipline which addresses multiple aspects covering reputation, credit, operational and financial risk.  

You really do [...]

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Outsourcing

The Convergence of Third Party Oversight and Cybersecurity

Aug 15, 2017

I recently had an opportunity to discuss the state of vendor oversight with a former FDIC examiner. During our meeting, we discussed what I call the importance of third party oversight and the [...]

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Cybersecurity

Pros and Cons of Vendor Concentration Risk

Aug 1, 2017

Vendor Concentration Risk is the risk which may occur when an institution relies too heavily on one vendor to perform several, if not all, critical/high risk functions for their operation. Vendor [...]

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Risk Assessment

Wire Fraud Risk and Closing Agent Oversight

Jul 18, 2017

There are several wire fraud schemes currently in circulation which will have an immediate impact on the housing industry, financial institutions and the end consumer.

  • We’ll look at the top 3 [...]
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Due Diligence

CFPB Consumer Complaint Database: Performance & Customer Service

Jul 4, 2017

The mortgage industry has a curious relationship with the CFPB. While there are a few bad actors who fall foul of the CFPB enforcement actions...as an industry, we are striving to make mortgage [...]

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Regulations

Vendor Alignment Strategies: How Making Right Choices Impact Vendor Oversight Scope

Jun 20, 2017

The responsibility given to a vendor management department may vary across institutions. In some instances, the vendor management team may even have a voice when it comes to vendor selection and [...]

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Due Diligence

Raising the Bar In Third Party Risk : CFPB Formally Enters Technology Vendor Oversight

Jun 6, 2017

In the CFPB May release (Issue 15), the Consumer Financial Protection Bureau referenced updated guidance on third party oversight initiatives. We'll go through what it says, what it means and next [...]

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Regulations

What Mortgage Lenders Need to Know About Fannie Mae Day 1 Certainty for Vendor Management

May 23, 2017

Earlier this year, Fannie Mae released their long-awaited Day 1 Certainty program. For the mortgage lender,this represented a glimmer of hope to be released from certain future reps and warranty [...]

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Regulations

Criticality and Risk Rating Vendors

May 9, 2017

A vendor's criticality and risk rating are two different things, but they often get used interchangeably. We'll clarify them more for you to better understand.

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Risk Assessment

Appraisal Management Company Vendor Oversight

Apr 25, 2017

The Appraisal Management Company (AMC) is a vendor which plays a vital role in the loan origination process. Regardless if your organization is a bank, non-bank, credit union or other type of [...]

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Due Diligence

CFPB Has Expanded Its Vendor Management Reach

Apr 11, 2017

CFPB exams for the non-bank lender have matured in recent years. The scope of the examination process has expanded to include a much more thorough review of vendor oversight.

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Regulations

Vendor Oversight Practices For Post Closing Quality Control Audit Vendors

Mar 28, 2017

Quality control audit firms play an important role in the review function of loan files. This requirement is performed at the pre-funding and post funding stage of the loan origination process. [...]

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Due Diligence

CFPB Issues Supervisory Highlights Consumer Reporting (Issue 14)

Mar 14, 2017

March 2nd, the CFPB issued Supervisory Highlights Consumer Reporting Special Edition (Issue 14), Winter 2017. For those who have had a less than perfect experience when interacting with a consumer [...]

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Due Diligence

Your Vendor Oversight Is Only as Strong as Your Contract

Mar 1, 2017

For the non-bank lender, the process of vendor oversight begins prior to establishing an annual audit schedule. And like any good process, it begins well at the beginning - the contract. [...]

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Contract Management

CFPB Exams for Non-Bank Lenders & How to Leverage as a Vendor Oversight Function

Feb 7, 2017

Banks, credit unions and non-bank lenders have all been audited in some fashion by state or federal regulators during their lifetime. In recent years, the CFPB (Consumer Financial Protection [...]

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Examination Preparation

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